Anadolu Group Holding FY2017 Earnings Presentation. March 13, 2018

Transcription

1 Anadolu Group Holding FY2017 Earnings Presentation March 13, 2018

2 The Merger Pre-merger Post-merger Kamil Yazıcı Family Other Yazıcı Families Free Float* Özilhan Family Kamil Yazıcı Family Özilhan Family 37.02% 41.51% 21.47% % 50% 50% Yazıcılar Holding 68% 32% ÖSYAŞ Anadolu Management Company 48.5% AEH Public Shares** 51.5% AG Anadolu Grubu Holding (AGHOL) Anadolu Group companies *Free float is presented based on non-family held public shares. * *14.1% free float Anadolu Group Companies 2

3 The Participation Rates & Method Pre-merger Consolidation method Pre-merger Stake held by AGHOL, % Current Consolidation method Post-merger Proforma* Consolidation method Anadolu Efes Equity Full Full Migros Equity Equity Full Anadolu Isuzu Equity Full Full Adel Kalemcilik Full Full Full Çelik Motor Full Full Full Anadolu Restoran Full Full Full Anadolu Motor Full Full Full Efestur Full Full Full Aslancık HEPP Equity Equity Equity Anadolu Kafkasya** Full Full Full Real Estate Companies Full Full Full *Proforma results include Migros as fully consolidated latest by June **Anadolu Kafkasya holds 90% of our energy company GUE and 100% of other project company 3

4 Major Highlights of the FY2017 Financial Results Strong top-line performance in all segments Consolidated net sales up by 23% to TL17.4 billion Total Proforma* consolidated sales up by 30% to TL32.2 billion EBITDA growth even exceeding revenue growth EBITDA increased by 29% to TL2.7 billion, EBITDA margin at 15.4% Proforma EBITDA at TL3.5 billion, EBITDA margin at 10.9% Net debt/ebitda declined to 3.07x in 2017 vs. 3.34x of last year Net debt stood at TL8.2 billion as end of 2017 Total assets up by 15% to TL38.2 billion Total Proforma assets at TL46.0 billion, implying 20% growth 4

5 Major Financial Indicators Consolidated results Net Sales (bn TL) EBITDA (bn TL) Net Income (bn TL) Total Assets (bn TL) % % % Consolidated proforma results* Net Sales (bn TL) EBITDA (bn TL) Net Income (bn TL) Total Assets (bn TL) % % % * Proforma results include Migros as consolidated 5

6 Segmental Sales and EBITDA Contribution Net Sales, proforma (mn TL) Segmental Breakdown 24,793 1,056 1,471 4, ,196 Auto. 19% Net Sales Retail 6% Others 1% Beer 25% Auto. 14% EBITDA Retail 3% Others 0% Beer 31% 2016 Beer Soft Drinks 2, Beer Soft Drinks Migros Automotive Retail Others Adj EBITDA, proforma (mn TL) , Migros Automotive Retail Others Adj Soft Drinks 49% Net Sales Retail 3% Auto. 10% Others 1% Beer 14% Soft Drinks 52% Segmental Breakdown, proforma EBITDA Auto. 10% Retail 3% Others 0% Beer 24% Migros 25% Migros Soft 48% drinks Soft 26% drinks 39% 6

7 Consolidated and Segmental Indebtedness As of 2017-end (TL mn) Total Consolidated Debt Cash and Cash Equivalents Net Debt Net Debt/EBITDA Beer 2,519 1, Consolidated Net Debt / EBITDA (x) Soft Drinks 5,991 3,892 2, Automotive 3, , Retail Others (incl. Holding) Holding net debt 2,176 1, ,011 1,069 Consolidated 14,113 5,908 8, n.m. n.m. Migros 3,912 1,628 2, Proforma Consolidated 18,025 7,536 10, Breakdown of Net Debt Breakdown of Net Cash Consolidated Net Debt (bn TL) Net debt increased to TL1bn, due to financing for the purchase of additional 10% Migros shares and FX appreciation Net debt /EBITDA decreased to 3.07x on the back of stellar EBITDA growth USD 54% Others 1% TL 32% Euro 32% USD 70% Others 19% Euro 3% TL 17%

8 Beer Segment Beer Sales Volume (2017) Domestic Beer Operations Beer Segment Performance Russia 55% Turkey 28% 21.1 mhl Others 7% Int. 72% Volume Breakdown by Country Kazakhstan 10% Turkey 28% Peer 39% Main Highlights: Efes Turkey 61% Int. Beer Operations Net Sales (mn TL) Full year beer sales volume exceeded 21 mhl, implying 6% yearly growth. Revenue growth was significantly ahead of that of volume, top-line growth of 31% y-o-y. Strong EBITDA growth year on year. 10% Carlsberg Heineken 14% 31% 48% Inbev 11% Market Shares Russia Market Shares Efes EBI 15% Others 29% 1,439 1,903 Sales (mn TL) 1,588 Sales (mn TL) 2,807 Beer segment bottom-lineturned positive at TL61mn. 3,370 4,426 Net Income (mn TL) EBITDA (mn TL) % 23%

9 Soft Drinks Segment Soft Drinks Sales Volume (2017) Domestic Soft Drink Operations Soft Drinks Segment Performance Sparkling 71% Turkey 50% m/uc Int. 50% 2017 Volume Breakdown Sales (mn TL) EBITDA Margin (%) 12% ,022 3,601 Int. Soft Drink Operations Sales (mn TL) EBITDA Margin (%) 4,500 3, % 18.8 Net Sales (mn TL) EBITDA (mn TL) 8,521 7,050 1,379 21% 1,093 26% Net Income (mn TL) Water 14% Main Highlights: Stills 6% NRTD 9% Volume growth of sparkling category turned positive after 5 years. Highest consolidated Net Revenue, EBIT & EBITDA growth of the past 5 years. Consolidated EBITDA margin expansion of 0.7ppt to 16.2% Net income was TL238 million in 2017, thanks to higher operating profit and lower net financial expenses 9

10 Migros Total FMCG Market Shares (%) Modern FMCG Market Shares (%) Migros Performance 17.2 w/kipa Net Sales (mn TL) EBITDA (mn TL) w/kipa ,059 39% 15, % 872 Number of Stores (%) Main Highlights: Net Income (mn TL) 1,410 1,605 1,897 w/kipa Gain in traffic from all consumer segments Migros is reaching out to more households than ever before 513 1, new store openings in 2017 Consolidated sales more than doubled in 4 years Net debt/ebitda continues to improve despite additional financing for Kipa acquisition & hard currency appreciation

11 Automotive Segment Isuzu Net Sales (TL mn) Çelik Motor Net Sales (TL mn) Anadolu Motor Net Sales (TL mn) Automotive Segment Performance 16% % 2,134 41% 1, Net Sales (mn TL) EBITDA (bn TL) 3, ,821 20% % Isuzu EBITDA (TL mn) Çelik Motor EBITDA (TL mn) Anadolu Motor EBITDA (TL mn) 42% 76% Main Highlights: Significant operational improvement; EBITDA increase of 40% Negative bottom-line due to the nature of business; increasing fleet of Çelik Motor Net Income (mn TL)

12 Retail Segment Adel Net Sales (TL mn) McDonald s Net Sales (TL mn) Retail Segment Performance 18% % Main Highlights: Adel increased share of exports in sales McDonald s doubled its EBITDA growth due to successful execution efforts Net profit of the segment at TL9 mn in % TL denominated borrowings Net Sales (bn TL) EBITDA (bn TL) % 1, % Adel EBITDA (TL mn) McDonald s EBITDA (TL mn) Net Income (mn TL) 111% %

13 Others Others (TL mn) Change Net Sales % Gross Profit % EBITDA n.m. Net Income % Total Assets 4,824 4, % Gross Profit Margin 39.2% 48.7% 9.5 EBITDA Margin -15.3% 0.7% 16.0 Ne Profit Margin -96.9% -21.8% n.m. Energy and real estate companies are under consolidated under the other segment. Net sales revenues rose by 16% y-o-y, due to increase in the rental revenues of the real estate companies. AND Kozyatağı has a leaseble area of 35K sqm with 77% occupancy rate as end of Pre-sales of AND Pastel residential project which is developed in Istanbul Kartal continued in 2017 and 55% of the pre-sales was completed as of 2017-end. Delivery of the residential units will commence on June 2018 and December Gross profit margin expanded by 9.5%, which is attributable to the stellar performance of the real estate revenues. 13

14 The star that links Anatolia to the world and the world to Anatolia Thank you... Disclaimer Statement: Anadolu Grubu Holding has prepared this document for the sole purpose of providing information which may include forward looking projections and statements about the Company. All opinions and estimates contained in this document constitute Company s judgement as of the date of this document and are subject to change without notice. The company does not accept any liability whatsoever for any direct or consequential loss arising from any use of this document or contents. This document cannot be copied, disclosed or distributed to any person other than the person to whom the document and/or information delivered or sent by Anadolu Grubu Holding. 14

15 Appendix I. Summary Financials II. Segmental Financial Data 15

16 Summary Financials 16

17 Segmental Financial Data 17